Ganesh Benzoplast Limited has approved the sale of its liquid storage tank business across JNPT, Cochin and Goa terminals, along with its rail logistics business at Daund, for an aggregate consideration of ₹1,154 crore to Cisternina Logistics Private Limited, an entity in which an investment vehicle associated with global investment firm KKR is set to invest.
The proposed transaction, approved by the company’s board on September 29, 2026, is subject to shareholder and applicable regulatory approvals, along with the fulfilment of other conditions specified in the definitive agreements.
The liquid storage tank business will be transferred to Cisternina Logistics on a slump-sale basis. For the rail logistics business, currently operated through material subsidiary Infrastructure Logistic Systems Limited (ILSL), the business will first be transferred to a wholly owned subsidiary, ILSL Rail Logistics Private Limited. ILSL will then transfer its entire shareholding in that subsidiary to Cisternina Logistics.
Liquid storage business accounts for 39% of revenue
The liquid storage tank undertaking generated revenue of ₹161.65 crore in FY26, accounting for 39.29% of the company’s consolidated revenue. Its net worth stood at ₹257.79 crore, representing 41.72% of the consolidated net worth.
The rail logistics undertaking contributed revenue of ₹27.67 crore, or 6.73% of consolidated revenue, in FY26, with a net worth of ₹19.63 crore, equivalent to 3.18% of the consolidated total.
Together, the two businesses contributed approximately ₹189.32 crore in revenue during FY26, representing 46.02% of consolidated revenue.
Ganesh Benzoplast said the divestment is intended to unlock significant value for stakeholders. The ₹1,154 crore consideration is subject to adjustments or increases based on conditions and milestones specified in the definitive agreements.
The company will seek shareholder approval through a postal ballot. Following the proposed divestment, Ganesh Benzoplast will continue to have its chemical manufacturing and engineering, procurement and construction (EPC) businesses.